AmCham Financial Forum: AI in the Finance Function & Global Risk Updates
Cross-industry member leaders gathered at Marsh McLennan’s Skøyen offices for a morning Financial Forum focusing on top business risks for 2024 and modernizing financial teams.
Marsh McLennan’s Commercial Lead Per Haagensen and Head of Sales Risk Management Christoffer Torkildsen guided us through the findings of their latest Global Risk Report, jointly published with the World Economic Forum.
In the 19th iteration of the report the top three risk concerns for the next two years were 1) Cyber 2) Societal Polarization and 3) Extreme Weather – whereas the top three concerns for the next 10 years were 1) Armed Conflict 2) Cyber and 3) Extreme Weather. The major changes in the 2024 report were found in the short-term responses, potentially because we have just come out the other side of a pandemic (2022) and inflation (2023) and this year will be a big election year in many countries.
Participants discussed the responses as well as underappreciated risks such as terrorism, which has dropped off the top list. War has completely dropped off the list – “this is no longer a risk; this is a fact.”
Per Haagensen – Commercial Lead
Christoffer Torkildsen – Head of Sales Risk Management
General Purpose AI in the Finance Function, today and tomorrow
AI can help CFOs manage all essential tasks of the finance function — from budgeting and cost/benefit analyses to managing revenue streams and compliance. PwC’s AI Director Lars Leganger joined participants to present AI developments focusing on how to best maximize financial team workflow transitions.
Leganger emphasized that leaders must think carefully about how to apply AI in existing processes and gave examples of good use cases. He noted the need for modernization of the financial team, quality control and the need for experienced data scientists.
Leganger is an expert on the use – and the prevention of misuse – of advanced analytics, machine learning, and AI in business process automation and augmentation. In addition to advisory work, he and his teams develop internal AI-solutions for PwC’s audit, tax, and legal practices.
Lars Leganger – AI Director
About the AmCham Financial Forum
AmCham’s collaborative Financial Forum enables cross-industry leaders to openly exchange and learn from their peers – building a better understanding of what it takes to maintain successful international operations in Norway.
Please contact amcham@amcham.no for interest in future meetings.